Assessing the effects of higher immigration on the Canadian economy and inflation

Julien Champagne, Erik Ens, Xing Guo, Olena Kostyshyna, Alexander Lam, Corinne Luu, Sarah Miller, Patrick Sabourin, Joshua Slive, Temel Taskin, Jaime Trujillo and Shu Lin Wee

No 2023-17, Staff Analytical Notes from Bank of Canada

Abstract: We assess the complex macroeconomic implications of Canada’s recent population increases. We find that newcomers significantly boost the non-inflationary, potential growth of the economy, but existing imbalances in the housing sector may be exacerbated. Greater housing supply is needed to complement the long-term economic benefits of population growth.

Keywords: Domestic demand and components; Housing; Inflation and prices; Labour markets; Potential output; Recent economic and financial developments (search for similar items in EconPapers)
JEL-codes: A10 E20 E31 J11 J15 (search for similar items in EconPapers)
Date: 2023-12
New Economics Papers: this item is included in nep-mig and nep-ure
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